Opinion: Waller becoming Federal Reserve Chair may be more hawkish, bearish for the crypto market

GateUser-6433627c · 2026-01-30T15:58:01+00:00

10x Research founder Markus Thielen stated that Kevin Waugh, nominated by Trump, if elected Federal Reserve Chair, would have a bearish impact on Bitcoin. Waugh emphasizes monetary discipline and high real interest rates, views cryptocurrencies as speculative, which could lead to a slowdown in economic recovery and an increase in unemployment.

GateUser-6433627c

2026-01-30 15:58:01

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On January 30th, Markus Thielen, founder of 10x Research, commented on Trump’s nomination of Kevin Waugh as the next Federal Reserve Chair, stating, “The market generally considers Waugh’s election to be bearish for Bitcoin because he emphasizes monetary discipline, higher real interest rates, and lower liquidity. This makes cryptocurrencies no longer viewed as a hedge against currency devaluation but rather as a speculative excess. When easy monetary policy exits, this excess will disappear. From this perspective, his approach is likely to lead to higher unemployment rates in the 2010s, slower economic recovery, and greater deflation risks.”

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